Hong Kong - Economic Indicators

Asia-Pacific Daily Briefing: Hong Kong and Malaysia Fizzle; Singapore Sizzles

Nov 16, 2018

Download the full version of the Asia-Pacific Weekly Highlights and Preview Malaysia’s economy cooled for a fourth consecutive quarter in the September stanza. GDP growth softened to 4.4% y/y, its softest pace in two years, following the 4.5% reading in the second quarter. The major drag was net exports, which declined 7.5% from a year earlier, the largest fall since the first quarter of 2017. Meanwhile, domestic demand was robust thanks to...

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GDP Reference Last Previous Units Frequency
Private Consumption 2018 Q2 490,916 476,424 Mil. HKD, NSA Quarterly
Real Private Consumption 2018 Q2 458,146 460,915 Mil. Ch. 2016 HKD, SA Quarterly
Government Consumption 2018 Q2 67,464 71,178 Mil. HKD, NSA Quarterly
Real Government Consumption 2018 Q2 66,403 65,379 Mil. Ch. 2016 HKD, SA Quarterly
Real Investment 2018 Q2 143,954 130,835 Mil. Ch. 2015 HKD, NSA Quarterly
Nominal Gross Domestic Product 2018 Q2 677,013 687,011 Mil. HKD, NSA Quarterly
Real Gross Domestic Product 2018 Q2 666,287 667,814 Mil. Ch. 2016 HKD, SA Quarterly
Real Fixed Investment (gross fixed capital formation) 2018 Q2 141,005 132,520 Mil. Ch. 2016 HKD, NSA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2018 Q2 151,449 143,310 Mil. HKD, NSA Quarterly
Investment 2018 Q2 151,449,000,000 143,310,000,000 HKD, NSA Quarterly
Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Sep 2018 107.5 107.1 Index Oct2014 to Sep2015=100, SA Monthly
Producer Price Index (PPI) 2018 Q2 114.8 112.3 Index 2008=100, NSA Quarterly
Labor Reference Last Previous Units Frequency
Labor Force Oct 2018 3,988 3,992 Ths. 3 Mo End, NSA Monthly
Unemployment Oct 2018 116 117.8 Ths. 3 Mo End, NSA Monthly
Labor Force Employment Oct 2018 3,872 3,874 Ths. 3 Mo End, NSA Monthly
Unemployment Rate Oct 2018 2.8 2.8 % 3 Mo End, SA Monthly
Real Wages & Salaries 2018 Q2 117.2 127.9 Index 1999Q1=100, NSA Quarterly
Wage & Salaries 2018 Q2 150.3 163.8 Index 1999Q1=100, NSA Quarterly
Total Employment 2018 Q2 2,871,540 2,867,383 #, NSA Quarterly
Trade Reference Last Previous Units Frequency
Balance of Goods Sep 2018 -47,715 -52,149 Mil. HKD, NSA Monthly
Imports of Goods Sep 2018 422,676 428,452 Mil. HKD, NSA Monthly
Exports of Goods Sep 2018 374,961 376,303 Mil. HKD, NSA Monthly
Current Account Balance 2018 Q2 15,660 16,564 Mil.HKD, NSA Quarterly
Real Imports of Goods and Services 2018 Q2 1,255,653 1,205,025 Mil. Ch. 2015 HKD, NSA Quarterly
Exports of Goods and Services 2018 Q2 1,273,240 1,247,520 Mil. HKD, NSA Quarterly
Net Exports 2018 Q2 -35,609 -2,044 Mil. HKD, NSA Quarterly
Real Net Exports 2018 Q2 -35,402 -31 Mil. Ch. 2015 HKD, NSA Quarterly
Real Exports of Goods and Services 2018 Q2 1,220,251 1,204,994 Mil. Ch. 2015 HKD, NSA Quarterly
Imports of Goods and Services 2018 Q2 1,308,849 1,249,564 Mil. HKD, NSA Quarterly
Government Reference Last Previous Units Frequency
Government Revenues 2018 Q3 49,642 70,376 Mil. HKD, NSA Quarterly
Government Expenditures 2018 Q3 123,370 110,102 Mil. HKD, NSA Quarterly
Government Budget Balance 31 Mar 2018 148,974 111,072 Mil. HKD 365 days
Markets Reference Last Previous Units Frequency
Stock Market Index 15 Nov 2018 26,103 25,654 Index, NSA Business Daily
Average Long-term Government Bond 31 Oct 2018 1.98 1.95 % p.a., NSA Daily
Lending Rate Sep 2018 5.01 5 % p.a, NSA Monthly
Treasury Bills (over 31 days) Sep 2018 1.97 1.52 % p.a., NSA Monthly
Money Market Rate Sep 2018 1.4 0.9 % p.a., NSA Monthly
Consumer Reference Last Previous Units Frequency
Retail Sales Sep 2018 90.7 94.6 Index Oct2014 to Sep2015=100, NSA Monthly
Business Reference Last Previous Units Frequency
Change in Inventories 2018 Q2 186.08 -1,280 Mil. HKD, SA Quarterly
Industrial Production 2018 Q2 94.8 87.7 Index 2008=100, NSA Quarterly
Real Change in Inventories 2017 12,461,000,000 447,000,000 NCU Annual
Demographics Reference Last Previous Units Frequency
Population 2018:1 7,448 7,413 Ths. #, NSA Annual
Net Migration 2017 22.6 53.5 Ths. #, NSA Annual
Births 2016 60.9 59.9 Ths. #, NSA Annual
Birth Rate 2016 8.3 8.2 # per Ths. pop., NSA Annual
Deaths 2016 46.9 46.1 #, NSA Annual
Death Rate 2016 6.4 6.3 # per Ths. pop., NSA Annual

Factbook

Background

Background:
Occupied by the UK in 1841, Hong Kong was formally ceded by China the following year; various adjacent lands were added later in the 19th century. Pursuant to an agreement signed by China and the UK on 19 December 1984, Hong Kong became the Hong Kong Special Administrative Region of the People's Republic of China on 1 July 1997. In this agreement, China promised that, under its "one country, two systems" formula, China's socialist economic system would not be imposed on Hong Kong and that Hong Kong would enjoy a "high degree of autonomy" in all matters except foreign and defense affairs for the subsequent 50 years.

Geography

Location:
Eastern Asia, bordering the South China Sea and China
Geographic coordinates:
22 15 N, 114 10 E
Map references:
Southeast Asia
Area:
total: 1,108 sq km
land: 1,073 sq km
water: 35 sq km
country comparison to the world: 184
Area - comparative:
six times the size of Washington, DC
Land boundaries:
total: 33 km
regional border(s) (1): China 33 km
Coastline:
733 km
Maritime claims:
territorial sea: 12 nm
Climate:
subtropical monsoon; cool and humid in winter, hot and rainy from spring through summer, warm and sunny in fall
Terrain:
hilly to mountainous with steep slopes; lowlands in north
Elevation:
mean elevation: NA
elevation extremes: lowest point: South China Sea 0 m
highest point: Tai Mo Shan 958 m
Natural resources:
outstanding deepwater harbor, feldspar
Land use:
agricultural land: 5%
arable land 3.2%; permanent crops 0.9%; permanent pasture 0.9%
forest: 0%
other: 95% (2011 est.)
Irrigated land:
10 sq km (2012)
Population - distribution:
population fairly evenly distributed
Natural hazards:
occasional typhoons
Environment - current issues:
air and water pollution from rapid urbanization
Environment - international agreements:
party to: Marine Dumping (associate member), Ship Pollution (associate member)
Geography - note:
consists of a mainland area (the New Territories) and more than 200 islands

People & Society

Population:
7,191,503 (July 2017 est.)
country comparison to the world: 100
Nationality:
noun: Chinese/Hong Konger
adjective: Chinese/Hong Kong
Ethnic groups:
Chinese 92%, Filipino 2.5%, Indonesian 2.1%, other 3.4% (2016 est.)
Languages:
Cantonese (official) 88.9%, English (official) 4.3%, Mandarin (official) 1.9%, other Chinese dialects 3.1%, other 1.9% (2016 est.)
Religions:
Buddhist or Taoist 27.9%, Protestant 6.7%, Roman Catholic 5.3%, Muslim 4.2%, Hindu 1.4%, Sikh 0.2%, other or none 54.3%
note: many people practice Confucianism, regardless of their religion or not having a religious affiliation (2016 est.)
Age structure:
0-14 years: 12.19% (male 462,748/female 414,023)
15-24 years: 10.43% (male 392,167/female 357,821)
25-54 years: 44.68% (male 1,370,206/female 1,842,825)
55-64 years: 16.17% (male 559,421/female 603,771)
65 years and over: 16.53% (male 559,512/female 629,009) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 35.9
youth dependency ratio: 15.2
elderly dependency ratio: 20.7
potential support ratio: 4.8 (2015 est.)
Median age:
total: 44.4 years
male: 43.5 years
female: 45 years (2017 est.)
country comparison to the world: 8
Population growth rate:
0.32% (2017 est.)
country comparison to the world: 166
Birth rate:
8.9 births/1,000 population (2017 est.)
country comparison to the world: 208
Death rate:
7.4 deaths/1,000 population (2017 est.)
country comparison to the world: 117
Net migration rate:
1.7 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 51
Population distribution:
population fairly evenly distributed
Urbanization:
urban population: 100% of total population (2017)
rate of urbanization: 0.64% annual rate of change (2015-20 est.)
Major urban areas - population:
Hong Kong 7.26 million (2014)
Sex ratio:
at birth: 1.1 male(s)/female
0-14 years: 1.12 male(s)/female
15-24 years: 1.08 male(s)/female
25-54 years: 0.74 male(s)/female
55-64 years: 0.94 male(s)/female
65 years and over: 0.89 male(s)/female
total population: 0.87 male(s)/female (2017 est.)
Mother's mean age at first birth:
29.8 years (2008 est.)
Infant mortality rate:
total: 2.7 deaths/1,000 live births
male: 3 deaths/1,000 live births
female: 2.5 deaths/1,000 live births (2017 est.)
country comparison to the world: 216
Life expectancy at birth:
total population: 83 years
male: 80.4 years
female: 85.9 years (2017 est.)
country comparison to the world: 7
Total fertility rate:
1.19 children born/woman (2017 est.)
country comparison to the world: 221
Contraceptive prevalence rate:
74.8% (2012)
Physicians density:
1.91 physicians/1,000 population (2016)
Hospital bed density:
5.33 beds/1,000 population (2016)
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Education expenditures:
3.3% of GDP (2017)
country comparison to the world: 124
School life expectancy (primary to tertiary education):
total: 16 years
male: 16 years
female: 16 years (2014)
Unemployment, youth ages 15-24:
total: 9.9%
male: 10.9%
female: 8.5% (2016 est.)
country comparison to the world: 129

Government

Country name:
conventional long form: Hong Kong Special Administrative Region
conventional short form: Hong Kong
local long form: Heung Kong Takpit Hangching Ku (Eitel/Dyer-Ball); Xianggang Tebie Xingzhengqu (Hanyu Pinyin)
local short form: Heung Kong (Eitel/Dyer-Ball); Xianggang (Hanyu Pinyin)
abbreviation: HK
etymology: probably an imprecise phonetic rendering of the Cantonese name meaning "fragrant harbor"
Dependency status:
special administrative region of the People's Republic of China
Government type:
presidential limited democracy; a special administrative region of the People's Republic of China
Administrative divisions:
none (special administrative region of the People's Republic of China)
Independence:
none (special administrative region of China)
National holiday:
National Day (Anniversary of the Founding of the People's Republic of China), 1 October (1949); note - 1 July (1997) is celebrated as Hong Kong Special Administrative Region Establishment Day
Constitution:
history: several previous (governance documents while under British authority); latest drafted April 1988 to February 1989, approved March 1990, effective 1 July 1997 (Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China serves as the constitution); note - since 1990, China's National People's Congress has interpreted specific articles of the Basic Law
amendments: proposed by the Standing Committee of the National People’s Congress (NPC), the People’s Republic of China State Council, and the Special Administrative Region of Hong Kong; submittal of proposals to the NPC requires two-thirds majority vote by the Legislative Council of Hong Kong, approval by two-thirds of Hong Kong’s deputies to the NPC, and approval by the Hong Kong chief executive; final passage requires approval by the NPC
Legal system:
mixed legal system of common law based on the English model and Chinese customary law (in matters of family and land tenure)
Citizenship:
see China
Suffrage:
18 years of age in direct elections for half of the Legislative Council seats and all of the seats in 18 district councils; universal for permanent residents living in the territory of Hong Kong for the past 7 years; note - in indirect elections, suffrage is limited to about 220,000 members of functional constituencies for the other half of the legislature and a 1,200-member election committee for the chief executive drawn from broad sectoral groupings, central government bodies, municipal organizations, and elected Hong Kong officials
Executive branch:
chief of state: President of China XI Jinping (since 14 March 2013)
head of government: Chief Executive Carrie LAM (since 1 July 2017)
cabinet: Executive Council or ExCo appointed by the chief executive
elections/appointments: president indirectly elected by National People's Congress for a 5-year term (eligible for a second term); election last held on 5-17 March 2013 (next to be held in March 2018); chief executive indirectly elected by the Election Committee and appointed by the PRC Government for a 5-year term (eligible for a second term); election last held on 26 March 2017 (next to be held in 2022)
election results: Carrie LAM elected chief executive; Election Committee vote - Carrie LAM 777, John TSANG 365, WOO Kwok-hing 21, invalid 23
note: the Legislative Council voted in June 2010 to expand the Election Committee to 1,200 members
Legislative branch:
description: unicameral Legislative Council or LegCo (70 seats; 35 members directly elected in multi-seat constituencies by party-list proportional representation vote; 30 members indirectly elected by the approximately 220,000 members of various functional constituencies based on a variety of methods; five at large “super-seat” members directly elected by all of Hong Kong’s eligible voters who do not participate in a functional constituency; members serve 4-year terms)
elections: last held on 4 September 2016; (next to be held in September 2020); note - by-election to be held on 11 March 2018 to fill 4 seats left vacant after 4 legislators were removed from office
election results: percent of vote by block - pro-democracy 36.0%; pro-Beijing 40.2%, localist 19.0%, other 4.8%; seats by block/party - pro-Beijing 40 (DAB 12, BPA 7, FTU 5, Liberal Party 4, NPP 3, other 9); pro-democracy 23 (Democratic Party 7, Civic Party 6, PP-LSD 2, Professional Commons 2, Labor 1, NWSC 1, PTU 1, other democrats 3), localists 6 (ALLin HK 2, CP-PPI-HKRO 1, Demosisto 1, Democracy Groundwork 1, other localist 1), non-aligned independent 1; note - 2 localists were barred from taking office in November 2016 and 4 pro-democracy legislators were removed in July 2017
Judicial branch:
highest court(s): Court of Final Appeal (consists of the chief justice, 3 permanent judges, and 20 non-permanent judges); note - a sitting bench consists of the chief justice and 3 permanent judges and 1 non-permanent judge
judge selection and term of office: all judges appointed by the Hong Kong Chief Executive upon the recommendation of the Judicial Officers Recommendation Commission, an independent body consisting of the Secretary for Justice, other judges, and judicial and legal professionals; permanent judges appointed until normal retirement at age 65, but can be extended; non-permanent judges appointed for renewable 3-year terms without age limit
subordinate courts: High Court (consists of the Court of Appeal and Court of First Instance); District Courts (includes Family and Land Courts); magistrates' courts; specialized tribunals
Political parties and leaders:
parties:
ALLinHK (alliance of 6 localist groups)
Business and Professional Alliance or BPA [LO Wai-kwok]
Civic Party [Alvin YEUNG]
Civic Passion or CP [CHENG Chung-tai] (part of Civic Passion-Proletariat Political Institute-Hong Kong Resurgence Order alliance or CP-PPI-HKRO that dissolved after the 2016 election)
Democracy Groundwork [LAU Siu-lai]
Democratic Alliance for the Betterment and Progress of Hong Kong or DAB [Starry LEE Wai-king]
Democratic Party [WU Chi-wai]
Demosisto [Nathan LAW]
Federation of Trade Unions or FTU [Stanley NG Chau-pei]
Labor Party [Steven Kwok Wing-kin]
League of Social Democrats or LSD [Avery NG Man-yuen]
Liberal Party [Felix CHUNG Kwok-pan]
Neighborhood and Workers Service Center or NWSC [LEUNG Yui-chung]
New People's Party or NPP [Regina IP Lau Su-yee]
People Power or PP [Raymond CHAN]
Youngspiration [Sixtus "Baggio" LEUNG Chung-hang]
others:
Professional Commons (think tank) [Charles Peter MOK]
Professional Teachers Union or PTU
note: political blocks include: pro-democracy - Civic Party, Democratic Party, Labor Party, LSD, NWSC, PP, Professional Commons, PTU; pro-Beijing - DAB, FTU, Liberal Party, NPP, BPA; localist - ALLinHK, CP, Democracy Groundwork, Demosisto; there is no political party ordinance, so there are no registered political parties; politically active groups register as societies or companies
Political pressure groups and leaders:
Chinese General Chamber of Commerce (pro-China)
Chinese Manufacturers' Association of Hong Kong
Civic Act-up (pro-democracy)
Federation of Hong Kong Industries
Hong Kong Alliance in Support of the Patriotic Democratic Movement in China [Albert HO] (pro-China)
Hong Kong and Kowloon Trade Union Council or HKTUC (pro-democracy)
Hong Kong General Chamber of Commerce or HKGCC
Hong Kong Professional Teachers' Union or HKPTU [FUNG Wai-wah]
International organization participation:
ADB, APEC, BIS, FATF, ICC (national committees), IHO, IMF, IMO (associate), Interpol (subbureau), IOC, ISO (correspondent), ITUC (NGOs), UNWTO (associate), UPU, WCO, WMO, WTO
Diplomatic representation in the US:
none (Special Administrative Region of China); Hong Kong Economic and Trade Office (HKETO) carries out normal liaison activities and communication with the US Government and other US entities
commissioner: Clement C.M. LEUNG
office: 1520 18th Street NW, Washington, DC 20036
telephone: [1] 202 331-8947
FAX: [1] 202 331-8958
HKETO offices: New York, San Francisco
Diplomatic representation from the US:
chief of mission: Consul General Kurt W. TONG (since 27 August 2016); note - also accredited to Macau
consulate(s) general: 26 Garden Road, Hong Kong
mailing address: Unit 8000, Box 1, DPO AP 96521-0006
telephone: [852] 2523-9011
FAX: [852] 2845-1598
Flag description:
red with a stylized, white, five-petal Bauhinia flower in the center; each petal contains a small, red, five-pointed star in its middle; the red color is the same as that on the Chinese flag and represents the motherland; the fragrant Bauhinia - developed in Hong Kong the late 19th century - has come to symbolize the region; the five stars echo those on the flag of China
National symbol(s):
orchid tree flower; national colors: red, white
National anthem:
note: as a Special Administrative Region of China, "Yiyongjun Jinxingqu" is the official anthem (see China)

Economy

Economy - overview:
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of reexports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts, RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% of the exchange's market capitalization.
During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement (CEPA), adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie LAM announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
GDP (purchasing power parity):
$453 billion (2017 est.)
$437.5 billion (2016 est.)
$428.8 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 44
GDP (official exchange rate):
$334.1 billion (2017 est.)
GDP - real growth rate:
3.5% (2017 est.)
2% (2016 est.)
2.4% (2015 est.)
country comparison to the world: 89
GDP - per capita (PPP):
$61,000 (2017 est.)
$59,400 (2016 est.)
$58,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 18
Gross national saving:
24.9% of GDP (2017 est.)
26.4% of GDP (2016 est.)
24.9% of GDP (2015 est.)
country comparison to the world: 52
GDP - composition, by end use:
household consumption: 66.6%
government consumption: 10%
investment in fixed capital: 22.3%
investment in inventories: 0.7%
exports of goods and services: 191.9%
imports of goods and services: -191.3% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 0.1%
industry: 7.2%
services: 92.7% (2017 est.)
Agriculture - products:
fresh vegetables and fruit; poultry, pork; fish
Industries:
trading and logistics, financial services, professional services, tourism, cultural and creative, clothing and textiles, shipping, electronics, toys, clocks and watches
Industrial production growth rate:
3% (2017 est.)
country comparison to the world: 103
Labor force:
3.965 million (2017 est.)
country comparison to the world: 95
Labor force - by occupation:
manufacturing: 3.8%
construction: 2.8%
wholesale and retail trade, restaurants, and hotels: 53.3%
financing, insurance, and real estate: 12.5%
transport and communications: 10.1%
community and social services: 17.1%
note: above data exclude public sector (2013 est.)
Unemployment rate:
2.6% (2017 est.)
2.7% (2016 est.)
country comparison to the world: 24
Population below poverty line:
19.6% (2012 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Distribution of family income - Gini index:
53.7 (2011 est.)
53.3 (2007 est.)
country comparison to the world: 9
Budget:
revenues: $66.19 billion
expenditures: $62.86 billion (2017 est.)
Taxes and other revenues:
19.8% of GDP (2017 est.)
country comparison to the world: 155
Budget surplus (+) or deficit (-):
1% of GDP (2017 est.)
country comparison to the world: 15
Public debt:
43.6% of GDP (2017 est.)
44.8% of GDP (2016 est.)
country comparison to the world: 122
Fiscal year:
1 April - 31 March
Inflation rate (consumer prices):
2% (2017 est.)
2.6% (2016 est.)
country comparison to the world: 93
Central bank discount rate:
0.5% (31 December 2013 est.)
0.5% (31 December 2012 est.)
country comparison to the world: 133
Commercial bank prime lending rate:
5.1% (31 December 2017 est.)
5% (31 December 2016 est.)
country comparison to the world: 144
Stock of narrow money:
$310.3 billion (31 December 2017 est.)
$285.5 billion (31 December 2016 est.)
country comparison to the world: 17
Stock of broad money:
$1.736 trillion (31 December 2017 est.)
$1.613 trillion (31 December 2016 est.)
country comparison to the world: 10
Stock of domestic credit:
$719.2 billion (31 December 2017 est.)
$676.5 billion (31 December 2016 est.)
country comparison to the world: 22
Market value of publicly traded shares:
$3.185 trillion (31 December 2015 est.)
$3.233 trillion (31 December 2014 est.)
$3.101 trillion (31 December 2013 est.)
country comparison to the world: 5
Current account balance:
$10.06 billion (2017 est.)
$14.88 billion (2016 est.)
country comparison to the world: 21
Exports:
$540 billion (2017 est.)
$502.5 billion (2016 est.)
country comparison to the world: 8
Exports - commodities:
electrical machinery and appliances, textiles, apparel, watches and clocks, toys, "jewelry, goldsmiths' and silversmiths' wares, and other articles of precious or semi-precious materials"; Hong Kong plays an important role as entrep?t to the Chinese mainland; in 2017, 58% of Hong Kong’s re-exports originated in mainland China, and 54% were destined for the Chinese mainland
Exports - partners:
China 54.3%, US 8.5%, India 4.1% (2016)
Imports:
$561.4 billion (2017 est.)
$520.1 billion (2016 est.)
country comparison to the world: 8
Imports - commodities:
raw materials and semi-manufactures, consumer goods, capital goods, foodstuffs, fuel (most is reexported)
Imports - partners:
China 45.5%, Taiwan 9.8%, South Korea 6.7%, Japan 6.3%, US 4.4% (2016)
Reserves of foreign exchange and gold:
$398.3 billion (31 December 2017 est.)
$386.3 billion (31 December 2016 est.)
country comparison to the world: 9
Debt - external:
$494.5 billion (31 December 2017 est.)
$505.9 billion (31 December 2016 est.)
country comparison to the world: 23
Stock of direct foreign investment - at home:
$1.901 trillion (31 December 2017 est.)
$1.786 trillion (31 December 2016 est.)
country comparison to the world: 5
Stock of direct foreign investment - abroad:
$1.806 trillion (31 December 2017 est.)
$1.723 trillion (31 December 2016 est.)
country comparison to the world: 5
Exchange rates:
Hong Kong dollars (HKD) per US dollar -
7.8 (2017 est.)
7.76 (2016 est.)
7.76 (2015 est.)
7.75 (2014 est.)
7.75 (2013 est.)

Energy

Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
35.75 billion kWh (2015 est.)
country comparison to the world: 61
Electricity - consumption:
41.74 billion kWh (2015 est.)
country comparison to the world: 55
Electricity - exports:
1.205 billion kWh (2016 est.)
country comparison to the world: 55
Electricity - imports:
11.62 billion kWh (2016 est.)
country comparison to the world: 23
Electricity - installed generating capacity:
12.63 million kW (2015 est.)
country comparison to the world: 55
Electricity - from fossil fuels:
100% of total installed capacity (2015 est.)
country comparison to the world: 9
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 107
Electricity - from hydroelectric plants:
0% of total installed capacity (2015 est.)
country comparison to the world: 180
Electricity - from other renewable sources:
0% of total installed capacity (2015 est.)
country comparison to the world: 187
Crude oil - production:
0 bbl/day (2016 est.)
country comparison to the world: 148
Crude oil - exports:
0 bbl/day (2014 est.)
country comparison to the world: 136
Crude oil - imports:
0 bbl/day (2014 est.)
country comparison to the world: 139
Crude oil - proved reserves:
0 bbl (1 January 2017 est.)
country comparison to the world: 147
Refined petroleum products - production:
0 bbl/day (2014 est.)
country comparison to the world: 156
Refined petroleum products - consumption:
388,500 bbl/day (2015 est.)
country comparison to the world: 39
Refined petroleum products - exports:
9,625 bbl/day (2014 est.)
country comparison to the world: 84
Refined petroleum products - imports:
332,000 bbl/day (2014 est.)
country comparison to the world: 25
Natural gas - production:
0 cu m (2013 est.)
country comparison to the world: 148
Natural gas - consumption:
4.49 billion cu m (2015 est.)
country comparison to the world: 69
Natural gas - exports:
0 cu m (2013 est.)
country comparison to the world: 120
Natural gas - imports:
3.243 billion cu m (2015 est.)
country comparison to the world: 42
Natural gas - proved reserves:
0 cu m (1 January 2014 est.)
country comparison to the world: 151
Carbon dioxide emissions from consumption of energy:
90 million Mt (2013 est.)
country comparison to the world: 43

Communications

Telephones - fixed lines:
total subscriptions: 4,318,346
subscriptions per 100 inhabitants: 60 (July 2016 est.)
country comparison to the world: 36
Telephones - mobile cellular:
total: 17,584,969
subscriptions per 100 inhabitants: 245 (July 2016 est.)
country comparison to the world: 62
Telephone system:
general assessment: modern facilities provide excellent domestic and international services
domestic: microwave radio relay links and extensive fiber-optic network
international: country code - 852; multiple international submarine cables provide connections to Asia, US, Australia, the Middle East, and Western Europe; satellite earth stations - 3 Intelsat (1 Pacific Ocean and 2 Indian Ocean); coaxial cable to Guangzhou, China (2015)
Broadcast media:
4 commercial terrestrial TV networks each with multiple stations; multi-channel satellite and cable TV systems available; 3 licensed broadcasters of terrestrial radio, one of which is government funded, operate about 12 radio stations; note - 4 digital radio broadcasters operated in Hong Kong from 2010 to 2017, but all digital radio services were terminated in September 2017 due to weak market demand (2018)
Internet country code:
.hk
Internet users:
total: 6.066 million
percent of population: 85% (July 2016 est.)
country comparison to the world: 69

Transportation

National air transport system:
number of registered air carriers: 7 (registered in China)
inventory of registered aircraft operated by air carriers: 253 (registered in China)
annual passenger traffic on registered air carriers: 41,867,157
annual freight traffic on registered air carriers: 11.294 billion mt-km (2015)
Civil aircraft registration country code prefix:
B-H (2016)
Airports:
2 (2013)
country comparison to the world: 201
Airports - with paved runways:
total: 2
over 3,047 m: 1
1,524 to 2,437 m: 1 (2017)
Heliports:
9 (2013)
Roadways:
total: 2,100 km
paved: 2,100 km (2015)
country comparison to the world: 174
Merchant marine:
total: 2,576
by type: bulk carrier 1,142, container ship 471, general cargo 226, oil tanker 346, other 391 (2017)
country comparison to the world: 9
Ports and terminals:
major seaport(s): Hong Kong

Military & Security

Military branches:
no regular indigenous military forces; Hong Kong garrison of China's People's Liberation Army (PLA) includes elements of the PLA Army, PLA Navy, and PLA Air Force; these forces are under the direct leadership of the Central Military Commission in Beijing and under administrative control of the adjacent Southern Command (2016)
Military - note:
defense is the responsibility of China

Transnational Issues

Disputes - international:
Hong Kong plans to reduce its 2,800-hectare Frontier Closed Area (FCA) to 400 hectares by 2015; the FCA was established in 1951 as a buffer zone between Hong Kong and mainland China to prevent illegal migration from and the smuggling of goods
Illicit drugs:
despite strenuous law enforcement efforts, faces difficult challenges in controlling transit of heroin and methamphetamine to regional and world markets; modern banking system provides conduit for money laundering; rising indigenous use of synthetic drugs, especially among young people

Economic Indicators for Hong Kong including actual values, historical data, and latest data updates for the Hong Kong economy.